Project ID: 1156

China Eximbank provides $260 million preferential buyer’s credit for Sir Seewoosagur Ramgoolam Airport Expansion Project

Commitment amount

$ 390522612.55144596

Adjusted commitment amount

$ 390522612.55

Constant 2021 USD

Summary

Funding agency [Type]

Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]

Recipient

Mauritius

Sector

Transport and storage (Code: 210)

Flow type

Loan

Level of public liability

Other public sector debt

Infrastructure

Yes

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2009-02-17

Planned start

2009-03-01

Actual start

2011-03-30

Planned complete

2013-01-01

Actual complete

2013-08-30

NOTE: Red circles denote delays between planned and actual dates

Geography

Description

On February 17, 2009, China Eximbank and Airport Terminal Operations Limited (ATOL) — a state-owned company in Mauritius — signed a $260,000,000 preferential buyer’s credit (PBC) agreement for the Sir Seewoosagur Ramgoolam Airport Expansion Project. The PBC carries the following borrowing terms: a 20 year maturity, a 5 year grace period, and a 2% interest rate. The total cost of the Sir Seewoosagur Ramgoolam Airport Expansion Project was $305 million and the borrower was expected to use the PBC (loan) proceeds to finance approximately 85% of the total project cost (and 85% of the total cost of a commercial contract with China Construction Eighth Engineering Division Co Ltd.). The loan’s outstanding amount as of June 30, 2018 was $181,959,183. Its outstanding amount as of June 30, 2021 was $103,976,676. This project involved the construction of a new passenger terminal at Sir Seewoosagur Ramgoolam International Airport in the village of Plaine Magnien. It also involved a 59,000 square meter expansion of the airport’s apron and the construction of a parking lot, cooling station, and emergency power generation unit. Upon completion, it was envisaged that the new facility — with a total area of 57,000 square meters — would be able to accommodate 4.5 million passengers each year, thus doubling the baseline capacity of the airport. The new passenger terminal was designed by Aéroports de Paris Management (ADPM) and Aéroports de Paris Engineering (ADPI). Louis Berger Group Inc. and Aéroports de Paris Ingenierie also served as consultants. China Construction Eighth Engineering Division Co Ltd. — a subsidiary of China State Construction Engineering Corporation Ltd. — was the contractor responsible for project implementation. It was awarded a construction contract on December 30, 2009. Construction began on March 30, 2011. The project was officially completed at an inauguration ceremony that took place on August 30, 2013. The new passenger terminal has 5 new aircraft parking stands in addition to the 3 existing ones of the old passenger terminal and 8 passenger boarding bridges for simultaneous handling of 6 wide-bodied aircrafts and 3 passenger boarding bridges for handling of A380 aircraft. At peak time, the passenger terminal can handle up to 15 flights departures and arrivals. The public car park area has room for a total of more than 1300 vehicles and the elevated roadway to the passenger terminal has two separate lanes to allow better fluidity in the dropping off of passengers.

Additional details

1. This project is also known as the Sir Seewoosagur Ramgoolam International Airport (SSR) Upgrade - Passenger Terminal Project. The Chinese project title is 毛里求斯——拉姆古兰机场 or 西沃萨古尔·拉姆古兰爵士国际机场. 2. The Government of Mauritius holds a 90% ownership stake in ATOL through Airports of Mauritius Ltd (another state-owned company in Mauritius). 3. Some sources identify the cost of the commercial (EPC) contract as $301 million rather than $305 million. This issue warrants further investigation.

Number of official sources

27

Number of total sources

42

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Details

Cofinanced

No

Direct receiving agencies [Type]

Airport Terminal Operations Limited (ATOL) [State-owned Company]

Implementing agencies [Type]

China Construction Eighth Engineering Division Corp., Ltd. [State-owned Company]

Loan Details

Maturity

20 years

Interest rate

2.0%

Grace period

5 years

Grant element (OECD Grant-Equiv)

33.1362%

Bilateral loan

Export buyer's credit

Investment project loan

Preferential Buyer's Credit